Relating to tax treatment of mortgage interest; prescribing an effective date.

Summary

The bill revises ORS 316.695 to change how Oregon taxpayers calculate deductions for mortgage interest, itemized and standard deductions, and certain retirement‑plan contributions. It ties the basic standard deduction to inflation, limits the deduction for excess federal tax payments, and sets rules for when non‑principal residence interest can be counted. The changes affect individual and joint filers and aim to bring state tax treatment into line with federal rules.

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